Thursday 16 June 2016

Global upstream capital spend from 2015 out to 2020 has been reduced by 22% or US$740 billion. When we include cuts to conventional exploration investment, the figure increases to just over US$1 trillion. The impact of the drop in oil prices on global upstream development spend has been enormous. Companies have responded to the fall by deferring or cancelling projects.

Has the rebound in oil price led the way for a wider recovery across the board or do signs point to further reductions to come?

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